Axios New Orleans
March 26, 2026
1 big thing: 🤑 Renting vs owning
Renting is cheaper than owning a home in New Orleans, according to a new LendingTree analysis.
Why it matters: Housing costs have soared nationwide, with stubbornly high home prices and mortgage rates weighing on would-be buyers.
The big picture: The median monthly gross rent in New Orleans was $1,262 in 2024, based on the latest available census data, compared to $1,972 a month for mortgaged homes.
- That's a 60% gap — one of the widest gaps among large U.S. cities.
- Nationally, homeowners with a mortgage now pay about 37% more per month than renters, researchers found.
- The gap widened from the year before as homeownership costs rose faster than rents.
Zoom in: The figures include utilities, fees and taxes, but not insurance.
- Louisiana consistently ranks among the most expensive states for coverage.
- Last year, homeowners here paid $6,274 on average in annual premiums, according to Bankrate.
- In the New Orleans area, homeowners spend nearly 17.5% of their median annual income on home coverage, Bankrate found.
What they're saying: "The cost disparity here could be enough to convince someone that they'll never be able to own a home in some areas, and — unfortunately — they may be right," said Matt Schulz, LendingTree's chief consumer finance analyst, in a statement.
- Homebuyers may have to move elsewhere to find a place within reach, he says.
What we're watching: President Trump proposed a raft of policies meant to lower mortgage rates and boost homebuying demand.
- Gov. Jeff Landry signed into law a few industry-friendly bills aimed at lowering insurance costs by bringing more insurers to the state.
- But making housing more affordable is easier said than done.
2. 🔎 Where rents are falling most
A building boom across the South and Mountain West has cooled rents — but that relief could fade as new construction slows.
Why it matters: Housing is unaffordable for many. Although the median U.S. rent for new leases is down 1.5% from a year ago, it's still roughly 20% above pre-pandemic levels, at $1,400 a month, per Apartment List.
- And a new Harvard report finds a record number of renters are "cost-burdened," spending more than 30% of their income on rent and utilities.
Zoom in: The median rent in Austin, Texas — a building hot spot — was down nearly 6% this February from a year earlier.
- It fell roughly 5% in New Orleans, San Antonio and Denver, according to data from Apartment List, a rental site.
Between the lines: High building costs and a glut of supply have made developers cautious about starting new projects.
- When new units do arrive, they're mostly luxury apartments.
Meanwhile, more people are renting — partly because homebuying remains out of reach — keeping rents from falling much further nationwide.
What we're watching: Fewer people move in the colder months.
- Expect rents to climb nationally as the peak summer season nears.
3. Fully Dressed: ⚓️ Algiers Ferry out of commission
4. ✈️ TSA staffing crisis escalates
Axios New Orleans
